Reddit Picks Ethereum For Its New Points, Offers ‘Complete Control, Like Bitcoin’
Following widespread speculation that the popular discussion forum Reddit is about to launch a new points system built on top of the Ethereum (ETH) blockchain, the forum itself has now finally confirmed a new system that allows users to “earn a piece of their favorite communities,” with the help of Ethereum. And it offers “complete control, like Bitcoin.”
The news was shared by Reddit in a series of slides published on its website on Wednesday, explaining how the Internet has seen a gradual change from the free and user-controlled place that it used to be, to today’s “walled gardens” with censorship and monitoring of users.
“We believe in a new dawn for the Internet, where it can be free once again. We don’t have all the answers, but we believe together we can find a way,” the newly updated page said, before introducing the new system of “Community Points.”
With the new system, users on Reddit will be rewarded by other community members with points for creating “quality posts and comments.” The points can either be saved or spent to pay for certain premium features on the platform, while also serving as a sort of reputation score within the community, according to Reddit.
Further, Reddit’s new info page about the new points also made sure to mention that the points “exist on the blockchain,” and that they, therefore, are controlled by each individual user, independent of Reddit. “Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin!),” the page said.
In addition, the popular internet forum also said that given the complete control users have over the new points system, points can be customized by each community in their own way. “They choose what to call their Points, what they look like, and how they are used in the community,” Reddit said, while adding that they look forward to see what will be possible to do with the points.
As of press time on Thursday morning, at least two customized versions of the points had been announced by Reddit users on the FortNiteBR and CryptoCurrency subreddits, called “Bricks” and “Moons.”
The addition of Ethereum-based community points on Reddit is likely a major win for the Ethereum platform, as it competes with other smart contract platforms in attracting developers to create tokens and decentralized applications (dapps) with real-world use cases.
At pixel time (06:23 UTC), ETH trades at USD 198 and is up by 3.5% in a day. BTC increased by almost 5% in the same period of time.
@econoar On testnet for now btw. Donuts have already been on mainnet so they will probably switch it soonish.
@KyleSamani It doesn’t make much sense. 50M monthly community rewards voted on by respective communities based on k… https://t.co/2FR4vj0jZn
Author: By Fredrik Vold
- EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 14/05/20
- These three metrics suggest Ethereum still has some massive room to rise
- Ethereum Classic news: is the future looking bright?
- Crypto Criminals Are Still Trying to Dump Thousands of Ethereum From a 2019 Hack
- Reddit Rolls Out ‘Community Points’ on Ethereum to Incentivize Positive Behavior
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 14/05/20
EOS rallied by 3.77% on Wednesday. Following on from a 1.60% gain on Tuesday, EOS ended the day at $2.5261.
A mixed start to the day saw EOS rise to an early morning high $2.4647 before hitting reverse.
Falling short of the first major resistance level at $2.4703, EOS slid to a late morning intraday low $2.4206.
Steering clear of the first major support level at $2.3996, EOS rallied to a late intraday high $2.5600.
EOS broke through the first major resistance level at $2.4703 and the second major resistance level at $2.5032.
In spite of a late pullback, EOS avoided a fall back through the second major resistance level.
At the time of writing, EOS was down by 0.08% to $2.5240. A mixed start to the day saw EOS rise to an early morning high $2.5320 before falling to a low $2.5167.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.55 levels to bring the first major resistance level at $2.5839 into play.
Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5600.
Barring another extended crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $2.55 levels would see EOS slide deeper into the red.
A fall through the morning low to sub-$2.50 levels would bring the first major support level at $2.4445 into play.
Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3628.
Major Support Level: $2.4445
Major Resistance Level: $2.5839
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum rallied by 5.26% on Wednesday. Following on from a 2.24% gain on Tuesday, Ethereum ended the day at $199.92.
Tracking the broader market, Ethereum rose to an early morning high $191.68 before hitting reverse.
Falling short of the first major resistance level at $193.40, Ethereum slid to a late morning intraday low $188.36.
Steering clear of the first major support level at $186.30, Ethereum rallied to a late intraday high $201.59.
Ethereum broke through the first major resistance level at $193.40 and the second major resistance level at $196.69.
A late pullback saw Ethereum wrap up the day at sub-$200 levels.
At the time of writing, Ethereum was down by 0.28% to $199.36. A mixed start to the day saw Ethereum rise to an early morning high $201.27 before falling to a low $198.83.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $200 levels to bring the first major resistance level at $204.89 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $201.59.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $200 levels could see Ethereum take a bigger hit.
A fall back through to sub-$196.60 levels would bring the first major support level at $191.66 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $183.39.
Major Support Level: $191.66
Major Resistance Level: $204.89
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP rose by 2.53% on Wednesday. Following on from a 2.47% gain on Tuesday, Ripple’s XRP ended the day at $0.2019.
It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.19949 before sliding to a late morning intraday low $0.19589.
Steering clear of the first major support level at $0.1922, Ripple’s XRP bounced back to a late intraday high $0.20430.
Ripple’s XRP broke through the first major resistance level at $0.2008 to wrap up the day at $0.20 levels.
The second major resistance level at $0.2047 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was down by 0.29% to $0.20131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20298 before falling to a low $0.20102.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid sub-$0.20 levels to bring the first major resistance level at $0.2055 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20430.
Barring an extended crypto rebound, the first major resistance level at $0.2055 would likely limit any upside.
Failure to avoid sub-$0.20 levels could see Ripple’s XRP fall deeper into the red.
A fall back through to sub-$0.20 levels would bring the first major support level at $0.1971 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.
The second major support level at $0.1923 should limit any downside.
Major Support Level: $0.1971
Major Resistance Level: $0.2055
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
This article was originally posted on FX Empire
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Author: Bob Mason
These three metrics suggest Ethereum still has some massive room to rise
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Ethereum has seen some incredibly poor price action throughout the past several weeks, with the cryptocurrency’s severe underperformance of Bitcoin leading it to erase virtually all the gains that came about as a result of the latest market-wide upswing.
This weakness has led its market structure to become firmly bearish against its BTC trading pair, while also flashing signs of bearishness against USD as well.
In spite of this, Ethereum is showing some signs of immense underlying strength at the present moment, as fundamental indicators signal that it still has significant room to run.
There are three data points that have historically offered tremendous insight into whether or not an asset is beginning to form a long-term top.
Analytics platform Santiment spoke about these factors within a research post from earlier this year, explaining that trading volume, social volume, and on-chain volume can all be used to pinpoint where an asset is within its pricing cycle.
In July of 2019 – when Ethereum topped out at over $350 – these three factors signaled that the crypto’s uptrend became “unhealthy” once its price passed roughly $250.
They spoke about this in the post, explaining that the same top pattern “holds up across the board” when there is a clear divergence between its price and collective volume.
“The same top pattern holds up across the board. As long as the price keeps growing on the growing volume (healthy zone), the trend will likely continue. Once we see clear signs of price-volume divergence (unhealthy zone), you should be aware – the top is near.”
Unlike the patterns seen in July of 2019, Ethereum is not currently flashing any types of divergences between its volume and its price action.
The below chart shows that currently, Ethereum’s aggregated price is trading well below its overlaid volume, meaning that its multi-month rebound from lows within the sub-$100 region has been incredibly healthy and could extend much further.
A similar trend is seen while looking towards its social volume, which has also been trending higher alongside its price in recent times.
It remains unclear as to whether or not this fundamental strength will be enough to invalidate its present technical weakness, but it does offer some hope for embattled investors.
Ethereum, currently ranked #2 by market cap, is up 0.83% over the past 24 hours. ETH has a market cap of $21.1B with a 24 hour volume of $14.98B.
Chart by CryptoCompare
Ethereum is up 0.83% over the past 24 hours.
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Cover Photo by Aaron Burden on Unsplash
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Cole is a freelance journalist and university student studying philosophy. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Author: AuthorCole Petersen Twitter LinkedIn Journalist @ CryptoSlate
Ethereum Classic news: is the future looking bright?
Ethereum Classic news shows there’s been plenty of development activity around, but the altcoin was disproportionately hit in Black Thursday’s bloodbath.
Although much of the focus is on ETH these days, there’s still plenty of Ethereum Classic news around. ETC still has a bustling community of developers who build new decentralised applications on the network – and indeed, the blockchain is about to embark on a hard fork upgrade.
Of course, there’s still a substantial amount of rivalry between the ETH and ETC camps. While Ethereum devotees argue that their network offers faster growth and greater potential for higher prices, those still using the original blockchain insist Ethereum Classic future prospects are looking bright.
Here, we’re going to look at the latest Ethereum Classic news, look at how ETC has fared year to date against heavyweights such as Bitcoin and Ethereum, and explore how the Ethereum Classic price prediction for the rest of this year is looking.
The Ethereum Classic Cooperative, which has the goal of accelerating the adoption of ETC by consumers and companies through “effective branding, marketing and education,” says it is making strong progress towards achieving the milestones set out on its 2020 roadmap.
ETC says that one of the main advantages it offers when compared with ETH is a devotion to the philosophy of immutability. This debate goes all the way back to when Ethereum was established as a hard fork in the aftermath of a devastating hack attack. In the eyes of traditionalists, this should not have happened – and the community should have persevered with the main blockchain. After all, this sets a dangerous precedent where other hard forks could affect Ethereum in the future.
There has been some big Ethereum Classic coin news of late. A protocol known as Saturn now allows atomic swaps between ETC and ETH – establishing a bridge between these two blockchains. (Although they may have a similar name, their networks are very different.) Such services enable peer-to-peer trading to take place without a middleman such an exchange, with safeguards in place to ensure traders don’t lose their crypto as a result.
“This is the new, hackproof cryptographically secure way of trading cryptocurrencies that completely eliminates counterparty risk. Unlike when you use centralized exchanges, your funds will never get stolen by hackers,” Saturn’s developers say.
In other Ethereum Classic news, June’s hard fork – known as Phoenix – has reportedly attracted support from 68 per cent of the miners on the blockchain. In a nutshell, this upgrade is designed to boost compatibility between ETC and ETH, as it cooperates with the enhancements being made to Ethereum.
There was more news on Ethereum Classic related to stablecoins. This network hasn’t hosted one of these projects yet, which sees a cryptocurrency’s value pegged to an asset, often a fiat currency such as the US dollar. ETC developers have now revealed that they are looking to support a new stablecoin, or establish a partnership with one that’s already in circulation. It’s fair to say that Ethereum already has the upper hand in this arena – after all, big players such as Tether and USDC already run on its network.
So… there may be an Ethereum Classic future after all. But wait a minute! How is the coin’s price looking? I feel a chart coming on…
Ethereum has a solid position as the world’s second-largest cryptocurrency, with a market capitalisation of $22.8bn at the time of writing. Ethereum Classic is much, much smaller by comparison – it’s currently ranked 19th, with a cap of just $808m.
One thing to bear in mind when making an Ethereum Classic price prediction is how ETC has performed year to date when compared with the likes of Bitcoin and Ethereum.
In this snazzy chart we’ve drawn up, you’ll see that Ethereum Classic is in blue, Ethereum in orange, and Bitcoin in red. At first glance, you may think that this graph shows ETC has a bigger price, market cap or trading volume than the other two. It doesn’t – instead, we’re looking at an illustration of the percentage falls suffered by each of these cryptocurrencies on 12 March, now known as Black Thursday.
This is significant, because ETC has really had a tough time of it – and much more disproportionately when compared to the two bigger coins. Year to date, it’s witnessed highs of $13.02 and lows of $3.30 – and the 75 per cent drop between these two figures took place in a six-week period between the start of February and mid-March.
ETH’s decline was also nasty, but not as severe. It had been trading at highs of $287.12 at the start of February, only to sink to lows of $95.18 the following month. That’s a drop of 66.9 per cent.
Last but not least, we have Bitcoin. Although its drop was by far the biggest in terms of dollar value – a drop from $10,457 to $4,106 – this decrease wasn’t anywhere near as steep as Ethereum Classic’s.
Advocates in the community say that Ethereum Classic news is looking bright. ETC Core developers recently shared graphs that show ETC has more active accounts than the likes of Litecoin, Bitcoin Cash, Cardano and Dash. Their verdict? “ETC is programmable digital gold.”
Another crucial detail with Ethereum Classic news lies in how this cryptocurrency has taken a similar approach to Bitcoin by having a controlled supply – something that Ethereum doesn’t have. Whereas only 21 million BTC will ever be in existence, ETC’s circulation has been capped at 210 million. ETC Core’s rationale for this monetary policy decision is clear: “’Unlimited supply’ has proven in the last 30 years to severely debase the currency, create inequality, compound economic problems, and increase centralisation.”
Most of the Bitcoin that will ever exist are already out there, and May’s halving event means that even fewer coins are going to be minted. This often appears to give BTC’s price a boost in the long run. It seems unlikely that ETC prices will be subject to such a frenzy.
At present, WalletInvestor.com predicts that Ethereum Classic will end the year at about $4.34 – and projects that, in the best-case scenario, it’ll end up at $12.30. Meanwhile, DigitalCoinPrice.com believes that ETC will rise to $8.96 by December 2020, an increase of about 28 per cent from its current price point at $7. Take both of these forecasts with a pinch of salt. Although they might be based on historical data, there’s no accounting for unforeseen events in the news or the crypto markets – developments that can suddenly add significant upwards (and downwards) pressure to ETC’s price.
Author: By Connor Freitas
Crypto Criminals Are Still Trying to Dump Thousands of Ethereum From a 2019 Hack
In November, Upbit, a popular Korean crypto asset exchange, lost $50 million worth of Ethereum, 342,000 ETH coins, from the exchange hot wallet in a seeming hack.
It was then one of the biggest crypto hacks in months, making the news around the world as mainstream media outlets covered the story.
While attempts have seemingly been made to reclaim some of the stolen ETH, some of it remains out in the wild, so to say.
Reports from blockchain analysis firms indicate that the hackers are siphoning the coins into exchanges, trying to get cash or other cryptocurrencies for their efforts.
According to a Twitter account dedicated to tracking suspicious blockchain transactions, “Whale Alert,” a “significant portion” of the funds from the Upbit hack, has been deposited into an exchange called “BYEX.”
The exact amount was not mentioned, but the account has registered a series of $25,000 transactions to a number of addresses over the past few weeks.
Considering the use of “we were able to confirm just now” by Whale Alert, those transactions may have been to BYEX.
⚠️⚠️⚠️ We were able to confirm just now that a significant portion of the #Upbit hacks are being deposited into an exchange called #BYEX.https://t.co/lk9l4daay4
— Whale Alert (@whale_alert) May 13, 2020
Whale Alert indicates that a “significant portion” of the funds have been sent to BYEX. But according to a look at the blockchain data by Bitcoinist, there are at least three hacker-affiliated addresses with approximately 3,000 ETH each, indicating there remains Ethereum to be dumped.
Hackers sending funds to exchanges can only mean one of two things: they’re attempting to cash out their stolen cryptocurrency, or they’re looking to convert their assets to another cryptocurrency to make their transactions less traceable.
Whatever the case, this means that Ethereum should see some selling pressure in the coming days as a result of the sale of these hacked funds.
But, this could change if the owners of the exchanges Upbit funds are being sent to step in.
Changpeng “CZ” Zhao of Binance, for instance, in November pledged to “work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.”
Exchanges freezing the accounts operated by hackers will prevent the Ethereum from being sold, thus preventing some of the immediate sell pressure from this source.
We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.
— CZ Binance 🔶🔶🔶 (@cz_binance) November 27, 2019
Although there is this risk of hacked Ethereum being dumped on the market, there seems to be ample demand for the cryptocurrency.
Grayscale Investments, the investment arm of crypto conglomerate Digital Currency Group, has purchased approximately 756,540 ETH in 2020 — 40 percent of the cryptocurrency minted through mining this year thus far.
Not to mention, Su Zhu of crypto and forex fund Three Arrows Capital observed that on Apr. 10, there was a large Ethereum buy wall on Bitfinex. Buyers then put up a jaw-dropping 250,000 ETH worth of bids between $159 and $162, amounting to a cost of around $40 million.
Photo by Markus Spiske on Unsplash
Reddit Rolls Out ‘Community Points’ on Ethereum to Incentivize Positive Behavior
Reddit has expanded its “community points” trial, offering users a way to earn a “piece of their favorite communities,” built on top of the Ethereum blockchain.
In a slide presentation, published Wednesday evening, Reddit revealed its plans to utilize the Ethereum network to incentivize the creation of “quality posts and comments.” The points can be spent on premium features and used as a measure of reputation in the community, the social media platform said.
Users are rewarded based on their contribution to their favorite channels, with the community ultimately deciding how many points each user receives. Users can hoard their points or spend them on unique features such as badges, custom emojis and GIFs in comments.
In addition, users will be able to leave a tip for comments they like or posts they see as valuable. Users will also be able to transfer community points directly to another Reddit member’s Vault as well as any Ethereum wallet address.
According to the post, community points are controlled by the user where users retain full control, meaning moderators nor Reddit itself can take points away or decide how they should be spent.
As it currently stands, it can be hard for other members to see how much one user has contributed to a community. Reddit’s points hope to fix that by making the process more transparent with a total balance displayed next to their name.
There is a warning though. A private key is provided once a user creates their Vault, which is stored locally on their smart device. Meaning if the user doesn’t create a back up of their key and loses their phone, they will be unable to access their community points, with Reddit claiming even they will be unable to help.
How’s it work?
According to Reddit, community points are run by “a suite of smart contracts that manage balanaces, distribution/claiming and purchasing memberships.” They utilize and leverage existing parts of the Ethereum ecosystem, such as the ERC-20 token standards which in turn have been reviewed by Trail of Bits, an independent blockchain security firm.
The transactions on Ethereum cost “gas,” which are tiny amounts of Ethereum’s native crypto, ether (ETH). Reddit has stated that since most users don’t own any ETH, the social platform is ready to cover the cost of gas “for now,” for those using its in-built Vault, but those using other Ethereum wallets may be required to pay for the cost of gas themselves.
The platform said it plans to adopt a better scaling and gas solution in the future “as they emerge” while the rollout of community points remains in beta throughout the remainder of the summer.
Posts on both the r/Cryptocurrency and r/FortNiteBR subreddits by a Reddit administrator introduced the new tokens, called moons and bricks respectively.
It’s unclear how far Reddit plans to take the tests or what its next steps might look like, but Wednesday’s announcement is an expansion of an already-running trial. A user shared details about the potential Community Points last month, though at the time the spokesperson said the program was confined to a single subreddit.
Author: Daniel Cawrey